#COVID19: Cameroon To Invest $14 Million In Economic Recovery Plan
The Cameroonian government is setting up a COVID-19 economic recovery plan to the tune of $14 million to be pumped into multiple sectors.
The Cameroon government has launched an “Appeal for Manifestation of Interest” for the recruitment of a partner, who may be a bank or microfinance establishment, to “fund for the relaunching of the economy to the benefit of the productive sector.”
According to the country’s Ministry of Finance, the objective of the initiative is to accompany the government towards the putting in place of three financing windows with the effect of permitting enterprises to live through the effects of the coronavirus pandemic.
“In concrete and operational terms, three financial projects with an allocation of 7 billion FCFA (about US$14 million) are envisaged,” the Ministry of Economy underlines.
In detail, the money would include funds for support to ‘very small and small enterprises dotted with an envelope of two billion FCFA,’ ‘funds for support to start-ups and innovative enterprises with an envelope of one billion FCFA’, and guarantee ‘funds in favour of medium size enterprises with an allocation of four billion FCFA.’
The money to finance this programme will come from a 10 billion FCFA provision under the aegis of “special funds for national solidarity to fight against the coronavirus and its economic and social repercussions,” which has been allocated 150 billion FCFA for the 2021 fiscal year.
“Such announcements sound like fairy tales to some of us who know the depth of corruption and theft associated with the funds allocated to the fight against the coronavirus,” Ebonge Julius, a social activist, told HumAngle in Douala on Tuesday.
“It would appear this new initiative has as intention, the creation of a new pipeline for the embezzlement of funds by those who have already been accused of embezzling coronavirus money.”
“Those threatened with prosecution just want to create this new opening to enable them steal money to cover up the gaps created by their earlier embezzlement of coronavirus funds.”
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